HomeMy WebLinkAboutIR 9602 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9602
To the Mayor and Members of the City Council November 12, 2013
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SUBJECT: SEPTEMBER 2013 — SALES TAX UPDATE
Sales tax revenue represents approximately 20% of the City's General Fund budget. The Texas
Comptroller's Office posted results on November 6th. The results are dependent upon the timeliness
and accuracy of sales tax payers' returns. This payment from the State represents taxes collected on
sales that occurred primarily in the month of September. In this report, you will see Fort Worth's sales
tax collection compared to last year and the impact on the current year's budget.
September Net Sales Tax Collections (10-year History)
N
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013
The City's net sales tax collection is up $563,731 or 5.3% compared to this month last year. As
depicted in the table below, the City experienced $659,345 or 6.1% in positive growth when
compared to last year's current period collections for the same month. Current period collections
include only transactions that occurred within the month, so this number reflects pure economic
activity.
Collection Detail for City Sales Tax
Sep 12 Sep 13 CHANGE CHANGE
Current Period Collections: $10,757,264 $11,416,609 $659,345 6.1%
Other Collections: $123,763 $112,886
Audit Collections: $40,427 ($35,29,1) ($75,72 ) 187 3'1'o
Service Fee: ($21 8,,l 15) ($229,88,1) ($11,,169) 5 3'10
Retainage: ($35,171) $1,726 4.9%
Net Collections $10,667,869 $11,230,872 $563,003 5.3%
Current Period Collections
Change vs.Same Month in Prior Year
13.0%
7.7% 9.0%
1.
W I 2.4% 3.3% 3.3% 3.0% °/ 4.4% 4.8% 6.0% 6.1%
4 °
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9602
To the Mayor and Members of the City Council November 12, 2013
Page 2 of 2
r
SUBJECT: SEPTEMBER 2013 - SALES TAX UPDATE
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City Of Fort Worth Budget Comparison -FY2013
Adopted Fiscal Year
Budget Projection Variance
CITY OF FORT WORTH $ 108,798,434 $ 118,646,424 9.1% $ 9,847,990
CRIME CONTROL AND PREVENTION DIST. $ 49,795,976 $ 54,573,512 9.6% ♦ $ 4,777,536
MATS TRANSIT AUTHORITY-THE"T" $ 57,231,467 $ 58,882,107 2.9% ♦ $ 1,650,640
The City has collected $9,847,990 above budget year-to-date and projects to end the year 9.1%
higher than the FY2013 adopted budget. As depicted above, you will also see how the positive results
are affecting our partner agencies. The chart below indicates how other cities in the region compared
to FY2012.
City Comparisons - FY2013 vs. FY2012
First Second Third Fourth
CITY Quarter Quarter Quarter Quarter YTD
SOUTHLAKE 11.3% 12.1% 17.6% 6.8% 11.9%
GRAND PRAIRIE 12.6% 7.3% 13.1% % 8.0%
EULESS 17.1% 6.7% 2.1% 6.4% 7.7%
FORT WORTH 7.6% 4.9% 10.3% 4.9% 6.9%
KELLER 7.2% 8.2% 7.7% 2.1% 6.2%
ARLINGTON 1."'7% 22.2% 3.9% 0.2% 5.8%
DALLAS 7.4% 5.9% 7.0% 1.6% 5.4%
GRAPEVINE 9.3% 7.5% 4.4% 5.3% 4.2%
BEDFORD 3.2% 6.4% 0.9% 1.0% 2.8%
NORTH RICHLAND HILLS 4.4% 13.5% 1.0% 3.3% 2.3%
WATAUGA 0.3% 3.1% 7.0% 4.0% 0.1%
HURST 4.4% 0.2% 4.4% 1.0% 4.`1%
BURLESON 4.4% 4.4% 23% 3.0% 4.4%
STATE TOTAL 10.3% 5.1% 7.0% 4.0% 6.5%
Again, hopefully you find this additional information helpful. If you have any questions, please call
Susan Alanis, Assistant City Manager, at 817.392.8180.
Tom Higgins
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS